Section 5 : Planned strategies and frameworks Flashcards
What are the steps to effectively follow and execute planned strategies or frameworks ?
- Clearly define the project scope and objectives
- Develop a project plan
- Communicate the project plan to relevant stakeholders
- Identify any potential risks or challenges (develop contingency plans (fall back or roll back plan))
- Establish clear benchmarks (stock baseline, cost baseline, schedule baseline) and milestones
- Monitor and assess progress (adjust as needed)
- Celebrate successes and learn from setbacks
How do you clearly define the project scope and objectives ?
- Goals and objectives of the project
- Specific deliverables and outcomes that are expected
How to develop a project plan ?
- Create a detailed plan of what needs to be completed in order to meet project objectives
- Steps and tasks
- Address all applicable knowledge areas
How to appropriately respond to a planned communication strategy ?
- Communication processes
- Channels
- Update relevant stakeholders on the new communication protocols
- Ensure all necessary training and support is provided
How to appropriately respond to a planned risk strategy ?
- Risk management plan (Qualitative analysis and quantitative)
- Risk response plan
- Risk log (Risk register)
How to appropriately respond to a planned performance strategy ?
- Setting clear performance targets
- Monitoring progress towards meeting those targets
How to appropriately respond to a planned change management strategy ?
- Support
- Resources
- Doing so may help employees adapt to the new changes
How to appropriately respond to a stakeholder engagement strategy ?
- Regularly soliciting input and feedback from stakeholders
- Incorporating input into the implementation of the strategy or framework
What is project initiation and what is benefit planning ?
- Project initiation is the process of defining and setting up a new project
- Benefit planning is the process of identifying, quantifying, and prioritizing the potential benefits that the project is expected to deliver
How to initiate the project ?
- Identify the need for the project
- Define the project scope and objectives
- Assemble the project team
- Develop a project plan
- Secure funding and resources
How to identify the need for the project ?
- Customer demand
- Regulatory requirements * Company goals
- Business value
How to define the project scope and objectives ?
- Identify the specific deliverables
- See the outcomes that are expected
How do we assemble the team project ?
- Identify
- Assemble
- Selection, pre-assignment, negotiation
How to secure funding resources ?
- Physical resources: materials, facilities, travel
- Budget
- Personnel
- Equipment
How do we see the benefit planning ?
- Involves identifying and quantifying the potential benefits that the project is expected to deliver
- Prioritizing those benefits based on their importance to the organization
- Project is aligned with the organization’s strategic goals
- Resources invested in the project are likely to yield a positive return on investment
What are the keys things in benefit planning ?
- Identify the potential benefits of the project
- Quantify the potential benefits
- Prioritize the potential benefits
- Develop a benefits management plan
- Monitor and assess benefits
- Communicate the benefits
- Organization
- Customers
- Other stakeholders
- Potential benefits could include things like:
- Cost savings
- Increased efficiency
- Improved customer
satisfaction - New revenue streams
How to quantify the potential benefits ?
- Determine the potential financial value of each identified benefit
- Conducting financial analysis
- Using statistical models
How do we prioritize the benefits ?
- Expected financial return
- Likelihood of achieving the benefit
- Potential impact on the organization’s strategic goals
How to develop the benefits management plan ?
- Actions
- Resources
How to monitor and assess the benefits ?
- Monitor and assess the benefits to ensure that they are being realized
- Make any necessary adjustments to the benefit management plan
To who do you communicate the benefits ?
- Project team
- Management
- Customers
- Value of the project
- Impact on the organization
